Port of Auckland has today released its half year results, declaring a first half dividend of $20m (2023 - $15m), as its performance continues to improve.
Financial Highlights
- Underlying Net Profit after Tax (NPAT) of $21.2m, an increase of $0.4m compared to the prior year’s result of $20.8m, despite demurrage (cargo holding) revenue decreasing by $15m compared to the same period last year as supply chain congestion issues have eased.
- Revenue increased to $162.5m, up from $159.5m H1 in FY23.
- Continued to reduce net debt levels by $9.9m to $397.6m.
- On track to deliver full year expectation of $52m NPAT and a dividend of at least $35m.
Business Highlights
- Lost Time Injuries (LTI’s) have reduced by 85% in H1 2024 compared to H1 2023.
- Recent safety results show increase in safety leadership with improvements across all questions and confidence to speak up on safety increasing by 13%.
- Total laden import and exports increased from 204,088 TEU to 225,128 TEU which is an 8% increase in upper North Island market share on the prior first half.
- On track for record cruise season including the arrival of two new cruise lines – Disney and Virgin.
- Winner of the Deloitte Top 200 Business Award for Most Improved Performance.
- Work started on converting the automated straddles to manually operated straddles this month.
Chair of Port of Auckland, Jan Dawson, said the first half results are very pleasing given the challenging economic environment and supply chain disruptions over this period.
“The Board is pleased to declare a first half dividend of $20m (2023 - $15m) to our shareholder, Auckland Council and confirm the port is on track to meet the expected dividend of at least $35m at full year. We’re also delighted with the on-going progress towards a safer port including the reduced number of lost time injuries.
“As we reflect on our progress and execution against our strategy, I want to thank Roger and the team who work diligently to keep their colleagues safe, the operations humming and make the port a great place to work” she said. The improvement in performance was also recognised externally with the winning of the Deloitte Top 200 Most Improved Performance award in December 2023.
Roger Gray CEO isn’t losing sight of the goal.
“We have made significant improvements across the business and remain focused on safely lifting performance, delivering returns to our owner Auckland Council, and improving how we support and engage with our customers and the people of Auckland.
“Our first half profit of $21.2m, considering we had a reduction in demurrage revenue of $15m, shows that the port’s turnaround strategy is working.
“We are in the middle of a record cruise season, supporting cruise companies and over 350,000 passengers this year. Next season looks to be even bigger, so we have also extended the manoeuvre blackout period to reduce impacts on ferry commuters next season,” says Gray.
“The team has continued to foster an inclusive, open and collaborative culture, particularly with our unions through High Performance High Engagement. This is reflected in the safety survey results, which showed a 13% lift in confidence to speak up about safety concerns.
“We have also started converting the automated straddles into manual straddles. It will take two years to convert the whole fleet, but we expect the first converted straddle to be in operation at the end of April.
“These lower emissions straddles are an important step towards our emissions reduction goal and give us container terminal capacity well into the 2030’s. We know the value of being a low carbon fast entry and exit point to Auckland and are committed to delivering this for North Island importers and exporters.” he said.
For media requests contact
Julie Wagener
Head of Communications
027 421 6697
